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He was born in Belgrade on 12 April 1852. After completing high school (gymnasium), he received a state scholarship, and in 1866 he also studied iconography with an itinerant Italian artist, then living in Belgrade. He pursued his studies in art in Pančevo. In 1873 he went to Vienna to study sculpture. Owing to poor health, he returned to Belgrade. Upon receiving a new state scholarship he resumed his studies at the prestigious Kunstgewerbeschule in Munich in 1874.

According to some, he is considered the originator of Serbian sculpture.[2] He has made numerous public monuments, among his best known works are busts of Vuk Karadžić, Prince Miloš and Đura Daničić.

Today Ubavkić is considered the premier Serbian sculptor in an age when art flourished to its maximum. He was indeed the creator of many public monuments at the time of the rule of Prince Miloš Obrenović. Among his most important artistic works realized according to the cannons of realism or even verism, are the many Belgrade monuments, executed by Ubavkić, including some in other regions of Serbia, particularly the monument to King Milan Obrenović in the Church of St. Paraskeve in Ćurlina.